Impact of Nigerian Accounting Standard Board Act 2003 on Compliance with Accounting Standards on Employee Retirement Benefits in Nigeria

This paper seeks to determine the impact of NASB Act 2003 on compliance with accounting standards on employee retirement benefits (SAS 8) in Nigeria. The population of the study is the 182 firms quoted on the first -tier market of the Nigerian Stock Exchange (NSE). The study utilizes data from a secondary source. Data are obtained from the annual accounts and reports of the 30 firms that make up the sample for the study. So, in all, 30 companies representing 18 sectors in the Nigerian economy are involved in the study. The time frame for the study is ten years, covering the period 1996 to 2005. The technique of analysis utilised in the study is the student's t-test for paired observations. It is concluded that even though NASB, Act 2003 has significantly influenced the application index, but the decrease in standard error mean suggests that there is less variability in the application of SAS 8 between quoted firms in Nigeria. The paper recommends an effective monitoring/supervision and enforcement of the provisions of NASB Act 2003 in addition to effective implementation of the penalties provided by the act on non-compliers regardless of their status or origin